The European Central Bank is set to hold interest rates for the first time in almost a year when policymakers meet this week, despite concerns over the potential impact of higher US tariffs on the eurozone economy.

The European Central Bank will likely hold off on making another interest rate cut Thursday, choosing to wait until it can measure the size of any economic blow from higher U.S. tariffs. The ECB has already cut rates eight times since June of last year and President Christine Lagarde said after the last policy meeting June 5 that the central bank is “getting to the end of a monetary policy cycle.

The European Central Bank left its main interest rate unchanged at 2% as expected on Thursday, taking a break after a year of policy easing to wait for clarity over Europe's future trade relations with the United States.